The developer behind several high-profile projects in the Illawarra and South Coast believes residents of the region shouldn’t fear the so-called “Sydney invasion”.
Property developer Nicolas Daoud is the owner/developer of the ‘Bathers’ development in Kiama, a major housing and retail complex.
He’s also been behind major projects in Wollongong, such as Crown Wollongong.
“The more we invest in the transportation and infrastructure, the more we're going to get Sydneysiders to come down,” Mr Daoud said.
“Which is not a bad thing.
“I think a lot of people have apprehension about Sydneysiders, but they're really reinvigorating the economy in the area. If you've got good doctors, accountants, nurses, professionals and tradies coming down, that only supports the economy, only supports the town.”
St Trinity Property Group's ‘Bathers’ project is on a long-vacant block in Kiama, located on the corner of Manning and Bong Bong streets.
The $22 million project is a complex comprising 15 ground floor retail premises and 71 one, two and three-bedroom residential units over three floors.
Will Wehbe, projects sales manager at St Trinity Property Group said the Bathers project was about 12 months away from completion.
“We're just at about 90 per sold out now," he said.
Mr Wehbe said many of the buyers were owner/occupiers, including Sydney residents downsizing.
He estimated a little more than half of the buyers were from the Illawarra, and the remainder from Sydney.
Two-bedroom sales have ranged from the early $600,000 mark to just shy of $850,000; and three bedrooms from $980,000 to $1.2 million. Their four penthouses are currently on the market for $1.57 million.
“The main thing you're getting is the views, because they've got huge terraces, 135 square metre terraces," Mr Wehbe said of the latter.
“So there quite literally isn't anything like it in Kiama, or really not many markets at all."
Bathers isn't the developers’ only Kiama-related activity. Last year, Kiama council approved the sale of former printing works and car park sites in Shoalhaven Street and former Mitre 10 store in Terralong Street.
Council agreed to the sale to Nicolas Daoud and Co Pty Ltd for $8.5 million.
A DA for the key CBD development site was lodged last year. Aldi is considered a key tenant for the proposed commercial complex.
Meanwhile, the 317-apartment project touted as Wollongong's largest residential development when completed, the Crown Wollongong development, will feature four towers ranging from nine to 15 storeys high, as well as a series of two-storey terraces. Mr Daoud said Crown Wollongong should be nearing completion by July/August.
The St Trinity Group's other recent projects include its boutique development at 88 Smith Street, Wollongong, featuring 28 two-bedroom plus study apartments.
They were also responsible for developing The Vantage, in Gladstone Avenue, Wollongong, a master-plan project of 214 units and 13 commercial suites.